AORTECH REDUCES STAFF
AORTECH REDUCES STAFF ST. PAUL, Minn., June 24 /PRNewswire/ -- AorTech, Inc.
(NASDAQ: AORT) has begun implementing a staff reduction program at its Vadnais Heights, Minn. headquarters which, when completed, may reduce the company's workforce at that location by nearly 50 percent. This action follows a recent realignment of AorTech's management, as well as other directives instituted by the board of directors, designed to improve sales, cut operating expenses, reduce inventory levels, and otherwise increase working capital.
Robert J. Keyport, AorTech's newly hired CEO, commented "In order to achieve its operating objectives, the company needed to adjust staffing to a level which was consistent with its current inventory position, production requirements, and recent sales performance." Employees affected by the company's action have been primarily engaged in production and administrative positions. One sales position was eliminated. Keyport also noted that personnel at AorTech's Scotland facility were not affected by the staff cuts. AorTech, Inc. is a manufacturer and distributor of implantable cardiovascular devices and recently entered the circulatory assist market. -0- 06/24/92 / CONTACT: Robert J. Keyport of AorTech, 612-481-1208 or Tom de Petra of de Petra & Associates, 612-338-7630, for AorTech/ (AORT) CO: AorTech, Inc. ST: Minnesota IN: MTC SU: PER
DB -- MN006 -- 3258 06/24/92 11:41 EDT
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|Date:||Jun 24, 1992|
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